Many people see the news and assume it's a big whale suddenly liquidating, only to find out the truth is even more terrifying upon investigation.

Since mid-October this year, a well-known account has been caught in a "death spiral"—being liquidated over 200 times in a row by the system. You read that right, over 200 times, not just two or three. The entire process dragged on for more than two months, like being slowly strangled. The final result? A total loss of 710 million New Taiwan Dollars, with the account remaining with only about 1.66 million NT dollars.

What does this number reflect? It's not bad luck, nor just simple operational mistakes. This is a classic case of the "boiling frog" scenario—large accounts, under continuous market volatility, are eroded by small liquidations time and again until they are unable to turn the tide. Each liquidation consumes funds, and each loss reduces risk resistance, ultimately creating a vicious cycle.

BTC and ETH have indeed experienced significant fluctuations over the past two months, but an account that undergoes 200 liquidations indicates that it's not just market issues—it's also related to leverage strategies, stop-loss settings, capital management, and other factors. This case serves as a warning to everyone engaging in futures trading on exchanges—accounts that seem stable can, under unreasonable leverage configurations, face gradual erosion at any moment.